Earnings per Share

12 Months Ended

Dec. 31, 2022

15.	Earnings per Share

The computation of basic earnings per share (“EPS”) is based on the Company’s net income divided by the weighted average number of common shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if outstanding stock options and restricted share units were exercised / released. The dilutive effect of stock options and restricted share units were calculated using the treasury stock method.

For the years ended December 31, 2022, 2021 and 2020, there were 506,000, 276,000 and 0 anti-dilutive stock options that were excluded from the computation of diluted earnings per share, respectively.

The following table sets forth the denominators of the basic and diluted EPS computations:


	Years Ended December 31,
(Amounts in thousands, except per share data)	2022		2021		2020
Weighted-average shares outstanding:
Basic		11,588		11,436		11,292
Stock options and restricted share units		489		571		658

Diluted		12,077		12,007		11,950

The following table sets forth the computation of basic EPS utilizing net income and the Company’s weighted-average common stock outstanding:


	Years Ended December 31,
(Amounts in thousands, except per share data)	2022		2021		2020
Net income	$	8,712	$	12,221	$	9,861
Basic weighted-average shares outstanding		11,588		11,436		11,292

Basic EPS	$	.75	$	1.07	$	.87

The following table sets forth the computation of diluted EPS utilizing net income and the Company’s weighted-average common stock outstanding plus the weighted-average of stock options, restricted shares and performance shares:


	Years Ended December 31,
(Amounts in thousands, except per share data)	2022		2021		2020
Net income	$	8,712	$	12,221	$	9,861
Diluted weighted-average shares outstanding		12,077		12,007		11,950

Diluted EPS	$	.72	$	1.02	$	.83